Egypt Today

SCA: Cairo, Moscow about to end Russian zone negotiations

Saturday، 16 February 2019 - 04:27 PM

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Chairman of the Suez Canal Authority (SCA) Mohab Mamish said that his four-day visit to Russia, to start on Sunday, will include ending negotiations of setting up a Russian industrial zone east of Port Said.

Mamish noted that negotiations with the Russian side over the past period have yielded fruitful results after a framework agreement was signed in Moscow in May 2018 to establish the zone, the SCA said in a statement Saturday 16/02/2019.

The SCA chief, along with his accompanying delegation, is set to meet with the Russian minister of industry and trade and his deputy with the aim of discussing mechanisms of establishing the zone on an area of 5.25 square kilometers with investments totaling about $7 billion.

The support provided by the two countries’ political leaderships has had a positive effect on negotiations between the SCA and the Russian side, Mamish said, pointing out to President Abdel Fattah El Sisi’s decree to ratify the framework agreement.